1982 (5) TMI 110

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....led on 18-2-1977 and was thus delayed by six months. The ITO therefore initiated penalty proceedings u/s 271(1)(a) of the Act. In reply to the show cause notice the assessee contention was that the accounts of the firm M/s Oriental Book & Stationery Co of which the assessee was a partner had not been finalised More over the assessee had applied in form No.6 for extention and levied of Rs. 3,210. T....